It was been a long wait, but for many of you the time has come and the federal stimulus checks have been deposited! Some of you who receive government benefits are still waiting and can clink on this link for more information.
For caregivers, guardians, adult children or parents of individuals who receive SSI benefits and are the representative payees (“rep payees”) on bank accounts, you may be concerned about the extra money in your loved one’s bank account and how this money will affect SSI eligibility. Here is some good news – the stimulus $1,200.00 will not affect SSI eligibility. The Social Security Administration (“SSA”) posted on their website that they
“will not consider economic impact payments as income for SSI recipients, and the payments are excluded from resources for 12 months.”
Some of you are Representative Payees for your loved ones want to know what you can do with the stimulus money. Well, SSA and IRS agree, the funds belong to the Social Security or SSI beneficiary. The stimulus funds are not a Social Security or SSI benefit. You as a representative payee should discuss the funds with your beneficiary. If your loved one is the beneficiary and he or she wants to use the funds, then you as the rep payee should give the stimulus funds to them. The rep payee does not have a responsibility connected to the stimulus funds because, as stated above, the funds are not Social Security or SSI benefits. You will not have to include the stimulus funds in your annual accounting.
The hardest part of all this may be in determining how to spend that money on the beneficiary.